Actionable ideas for the busy trader delivered daily right up front
- Wednesday uncertain.
- ES pivot 2058.83. Holding above is bullish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias higher.
- Single stock trader: VZ still not a swing trade buy.
On Tuesday the market pretty much confirmed my expectations from last night as the Dow put in a 42 point decline saved only by its 200-day MA. With another important Fed day coming up, we'll cut straight to the chase as it is my general policy to never attempt to call a Fed day. We will resume the usual chart rundown on Wednesday
The technicals
ES daily pivot: Tonight the ES daily pivot falls again from 2062.58 to 2058.83. That move was enough to put ES back above its new pivot so this indicator flips back to bullish.
Accuracy:
Month right wrong no call conditional batting Dow
average points
January 8 6 4 1 0.563 627
February 6 4 5 3 0.692 183
March 7 6 5 4 0.647 976
April 3 8 7 0 0.273 1
May 6 5 5 2 0.615 581
June 8 6 3 4 0.706 552
July 10 1 5 4 0.938 1212
August 10 2 3 2 0.857 2314
September 7 4 8 1 0.667 1404
October 7 5 4 1 0.615 630
And the winner is...
With the Fed coming up and despite the fact that the expectation is generally for no interest rate hike, I make it a point to never try and outguess them. Therefore, I simply call Wednesday uncertain. We'll see.
Single Stock Trader
For what it's worth, on Tuesday Verizon confirmed my bearish expectations and in fact ended up putting in a rare bearish tri-star pattern . With indicators still overbought and the stochastic just finally putting in a fresh bearish crossover, this one definitely looks lower on Wednesday.
Posts
No comments:
Post a Comment
Due to some people who just won't honor my request not to post spam on my blog, I have had to re-enable comment moderation. Comments may take up to 24 hour to appear, depending on when they're made. Sorry about that.